Core Viewpoint - Anliang Futures has actively participated in the national futures (options) trading competition, showcasing its professional capabilities and commitment to serving the real economy, thereby promoting high-quality development in the futures industry [1]. Group 1: Company Strategy and Positioning - Anliang Futures aims to enhance its brand influence and market recognition through participation in the competition, viewing it as an opportunity to gain insights into customer needs and optimize services [2]. - The company positions itself as a professional service provider connecting the real economy with capital markets, using the competition platform to facilitate knowledge and information flow among traders, experts, and its business team [2][3]. - Continuous participation in the competition serves as a "live advertisement" for the company's strength and credibility, reinforcing its brand image as a reliable and proactive industry participant [2]. Group 2: Industry Impact - The competition is seen as a comprehensive platform for investor education, talent selection, and market construction, contributing to the healthy ecosystem of the futures market and promoting a shift from "scale expansion" to "high-quality development" [3]. - The event significantly enhances trading activity and liquidity in the futures market, which is crucial for effective price discovery and hedging functions that serve the real economy [3]. Group 3: Support Services and Investor Education - Anliang Futures has developed a comprehensive support service system for participants, including a digital registration system that improves the registration experience and provides efficient backend management [4]. - The company offers robust research resources and organizes online events to provide participants with market insights and strategies, ensuring they stay informed about market trends [4]. - Anliang Futures emphasizes investor education, conducting both online and offline activities to promote knowledge of futures trading and risk management, thereby contributing to financial safety [5]. Group 4: Future Outlook and Industry Trends - The company recognizes the challenges posed by global economic conditions and advocates for futures companies to leverage their expertise to support the real economy and national strategic initiatives [7]. - Anliang Futures plans to enhance its service standards and invest in talent and technology, transitioning traditional client managers to more specialized roles to better serve the industry [7]. - The company encourages investors to adopt a long-term perspective in the futures market, focusing on risk management and industry value rather than short-term trading profits [8].

Core Viewpoint - The 2025 Financial Street Forum and the 17th Futures Executive Conference focused on high-quality development in the futures industry, emphasizing the importance of collaboration between regulatory bodies and operational institutions to address key industry issues [1] Group 1: Shanghai Futures Exchange (SHFE) - SHFE aims to become a world-class exchange by balancing market development and risk management, having listed 25 futures and 18 options products across various sectors [2] - The exchange is enhancing its international presence, with significant progress in allowing the delivery settlement price of natural rubber to be authorized by the Osaka Exchange [2] - SHFE is committed to innovation in product offerings, including the launch of new futures and options, and is focused on integrating carbon neutrality goals with supply chain security [3][4] Group 2: Zhengzhou Commodity Exchange (ZCE) - ZCE has expanded its product offerings to 27 futures and 20 options, including the recent launch of propylene futures and options, serving nine major industry chains [5] - The exchange reported a 20.5% year-on-year increase in trading volume from January to September, with significant growth in options trading [6] - ZCE emphasizes member services and investor education, conducting over 400 events to support various market participants [7][8] Group 3: Dalian Commodity Exchange (DCE) - DCE has launched 17 new futures and options products over the past five years, enhancing its diverse product system [9] - The exchange has improved its mechanisms for integrating futures and spot markets, with a focus on adapting to market needs [10] - DCE is advancing its digital transformation, upgrading its trading and service systems to support market growth [11] Group 4: China Financial Futures Exchange (CFFEX) - CFFEX is focused on enhancing its risk management functions and adapting to new market challenges through innovation and comprehensive regulation [12][13] - The exchange reported significant growth in trading volumes for financial futures and options, indicating improved market efficiency [13][14] - CFFEX aims to expand its services to better support long-term investments and enhance the participation of institutional investors [14][15] Group 5: Guangzhou Futures Exchange (GFEX) - GFEX is exploring innovative market-oriented and international development paths, particularly in green finance and sustainable development [16][17] - The exchange has established a robust green product system and is actively promoting the application of futures tools in the renewable energy sector [17][18] - GFEX is committed to maintaining market stability and preventing systemic risks while enhancing its international collaboration [18]

孟宥慈表示，在行业高质量发展的当下，更要清醒地认识到当前国内外经济金融形势依然复杂严峻，市 场不确定性因素增多，各类风险事件时有发生。行业仍需要进一步强化合规经营意识，提升风险防控能 力，大力弘扬依法合规的行业文化，营造健康良好的行业生态，持续增强综合竞争力与抗风险能力。 《期货日报》社有限公司董事长李欣在大会上表示，中国证监会主席吴清10月27日在2025金融街论坛年 会上发表以"发挥投融资综合改革牵引作用推动'十五五'资本市场高质量发展"为主题的讲话。期货市场 作为中国资本市场的重要组成部分，期货高管大会作为2025金融街论坛年会分论坛，紧随步伐、紧跟其 后。期货市场"五位一体"监管体系领导和期货经营机构嘉宾齐聚一堂，研讨期货行业如何落实吴清主席 讲话精神，对进一步做好期货市场防风险、强监管、促高质量发展工作，具有重要意义。 中国证监会期货监管司副司长张悦在大会上表示，随着我国经济体量的日益增长，现代化产业体系逐步 建立，居民财富管理和实体企业对风险管理的需求不断增长，需要期货行业不断提升服务能力，满足市 场需求。为此，他倡议期货行业要牢牢把握更好地服务实体经济的目标，为实体经济发展提供更加便 捷、高效的 ...

Core Viewpoint - The introduction of the "Guidelines for Futures Companies to Publish Futures Research Reports" aims to standardize the futures industry research reports and promote high-quality development within the sector [1][4]. Group 1: Economic Context and Industry Challenges - The futures industry must address the challenges posed by geopolitical instability and the need for effective risk management services for domestic enterprises venturing abroad [2]. - The current economic transformation in China has shifted the primary contradiction from supply shortages to the need for balanced and sufficient development, increasing the demand for risk management [2]. Group 2: Importance of Research Reports - Futures research reports serve as crucial carriers of market information, and their authenticity and compliance are essential for effective risk management [3]. - The new guidelines will enhance the transparency and accuracy of publicly available futures research products, while increasing the cost of accessing high-value reports [5]. Group 3: Compliance and Cost Implications - The compliance costs for futures companies are expected to rise significantly in the short term, with an anticipated increase of 20% to 30% in compliance investments by leading firms by 2025 [6]. - The guidelines require futures companies to establish comprehensive internal control systems and enhance personnel qualifications for report production and compliance [6]. Group 4: Industry Structure and Competition - The concentration of the futures industry is projected to increase, with leading firms capturing a significant share of net profits, indicating a shift towards improved competitive dynamics [7]. - The rise in compliance costs is expected to reduce chaotic price competition and encourage firms to enhance their professional capabilities and service quality [7]. Group 5: Long-term Transformation and Value Creation - The guidelines will facilitate the multi-faceted transformation of futures companies, moving from traditional business models to integrated growth strategies encompassing various financial services [8]. - High-quality research reports will enable better pricing of projects and commodities, thus enhancing market resource allocation [8][9]. - The shift towards a profit-generating model for research departments will necessitate higher professional standards and capabilities among research personnel [9]. Group 6: Future Business Models - Futures companies are expected to move away from reliance on brokerage services, focusing instead on personalized hedging products and high-quality service capabilities to gain competitive advantages [10].

Core Viewpoint - The release of the "Opinions on Strengthening Regulation to Prevent Risks and Promote High-Quality Development of the Futures Market" marks a significant shift in the futures industry from "scale expansion" to a strategy of "quality and efficiency" [1] Regulatory Changes - The implementation of the "Opinions" has led to a profound transformation in the futures market, focusing on three dimensions: restructuring the regulatory ecosystem, service ecosystem, and competitive ecosystem [1] - A stricter regulatory environment is creating a favorable development space for compliant institutions [1] Service Ecosystem - More entities, including listed companies, are utilizing futures and derivative tools, enhancing the role of the futures market as a stabilizer for the real economy [1] - The industry is transitioning from homogeneous competition to differentiated development, with firms focusing on specialization rather than scale [1] Value Reconstruction - The "Opinions" signify not just an upgrade in regulatory rules but also a deep "value reconstruction" within the industry [1] - The company has established a "five-dimensional implementation system" to convert regulatory requirements into development momentum [2] Professional Development - The company emphasizes "professionalism" as its foundation, conducting research and developing risk management solutions tailored to specific industries [2] - The focus is on providing comprehensive service capabilities, particularly in sectors like black metals and energy chemicals [2] Digital Transformation - The company is investing in digitalization to redefine futures services, with its self-developed "Intelligent Analysis System for Bulk Commodities" winning a financial technology award [2] - Digital tools are being utilized to enhance service delivery, with nearly 100,000 users engaging with various digital applications [2] Industry Evolution - The futures industry is entering a new phase characterized by differentiation and restructuring, leading to a clearer hierarchical development pattern [3] - The industry will see accelerated differentiation, with a tiered structure emerging: top-tier comprehensive institutions, mid-tier specialized firms, and a base of service providers [3] Revenue Model Shift - The traditional volume-based profit model is shifting towards a value-oriented model, with a greater emphasis on professional services such as risk management and investment consulting [3] Comprehensive Solutions - Future successful firms will need to provide comprehensive solutions that extend beyond simple trading to include risk management and financial consulting [4] Digital Necessity - Digitalization is becoming essential for survival, not just an optional project, as it enhances operational efficiency and customer service models [4] Strategic Focus - The company is committed to a customer-centric approach, aiming to create greater value through enhanced professional capabilities and innovative service models [5] - The strategy involves building an "enterprise ecosystem" linked by the futures value chain, focusing on connection, integration, and sharing [5][6] Connection and Integration - The company aims to break down barriers and enhance coverage to meet the "inclusive service" requirements, connecting industry clients and research institutions through digital platforms [6] - Resources are being integrated to enhance capabilities, transitioning from a "channel provider" to a "solution provider" [6] Shared Benefits - The concept of sharing is central to the enterprise ecosystem, promoting mutual benefits and breaking the "zero-sum game" mentality to enhance service quality and industry effectiveness [6]

服务国家战略，担当时代使命 本次修订坚持协调统一，优化了加分体系。将市场竞争力指标调整为3大类9项，有利于全面评价期货公 司各项业务开展情况、整体盈利水平和资本实力。完善服务实体经济能力指标，将征求意见稿中"中长 期资金客户"表述调整为"机构客户"，同时进一步扩充了机构客户类别，使指标更具包容性。调整了专 项评价，将专项评价整合和优化为服务国家战略、党建与文化建设、信息技术建设3项指标。 透过这些加分项，可以清晰地洞察监管导向。期货公司要不断强化自身综合能力建设，充分彰显专业价 值；同时，积极服务国家战略，切实发挥功能性作用；此外，还需主动承担社会责任，积极投身行业文 化建设，为期货行业的健康、可持续发展贡献力量。 9月12日，中国证监会公布对《期货公司分类监管规定》进行修订后形成的《期货公司分类评价规定》 （下称《规定》）。这是期货行业监管领域的一件大事，引发了行业内外的广泛关注与深入思考。《规 定》勾勒出了一幅"怎样的期货公司才是好公司"的清晰蓝图，是期货行业发展的"指挥棒"和"风向标"。 此次修订是贯彻落实党的二十届三中全会、中央金融工作会议和《关于加强监管防范风险促进期货市场 高质量发展的意见》要求的 ...

Core Viewpoint - The China Futures Industry Association has released a draft regulation aimed at curbing unhealthy competition in the futures brokerage business, promoting a shift from price wars to service upgrades, and ensuring high-quality development in the industry [2][6]. Industry Issues - The futures brokerage business is facing severe issues of market saturation and homogeneous competition, leading to practices such as "zero commission" and maliciously undermining competitors, which disrupt market order and negatively impact the industry's reputation [3][4]. - Such practices not only harm the development of individual futures companies but also restrict the industry's ability to effectively serve the real economy [3]. Regulatory Framework - The draft regulation defines unfair competition behaviors and establishes clear standards for identifying and addressing such actions, providing a solid basis for subsequent enforcement [4]. - It outlines a comprehensive process for managing commission fees, ensuring transparency and consistency in fee structures, and protecting customer rights [4][5]. - Eight categories of prohibited behaviors are specified, including misleading advertising and engaging in predatory pricing below service costs, aimed at maintaining market integrity and fairness [5]. Promotion of Healthy Competition - The implementation of the regulation is expected to break the cycle of unhealthy competition, encouraging futures companies to focus on enhancing customer service rather than solely competing on price [6]. - This shift will allow companies to invest more in improving trading systems, research teams, and customer service, ultimately raising the overall service quality in the industry [6]. Investor Protection - The regulation aims to enhance investor protection through standardized commission fees, improved feedback mechanisms, and clear prohibitions against misleading practices, fostering a more transparent trading environment [7]. - By reducing the risks associated with information asymmetry, investors will be better equipped to make informed decisions, thus safeguarding their rights [7]. Sustainable Development - The regulation is positioned as a crucial step towards breaking the cycle of price wars, reducing internal competition, and fostering a healthy market ecosystem that supports sustainable development in the futures industry [7]. - It encourages futures companies to focus on core competencies, including technological innovation and talent development, thereby enhancing their ability to serve the real economy effectively [7].

8月1日，中国期货业协会发布《期货公司经纪业务不正当竞争行为管理规则(征求意见稿)》(下称《规 则》)，直面行业同质化竞争加剧、内卷突出的典型问题，拟出台一系列措施维护公平有序的市场环 境，防止"内卷式"竞争，保障交易者合法权益。 受访人士普遍认为，《规则》将加快期货行业从"粗放式竞争"向"高质量发展"、从"价格战"向"价值创 造"转型。 行业"内卷式"竞争问题突出 期货经纪业务是期货公司的基础性业务，经纪收入约占行业总体收入的50%。但长期以来，期货公司经 纪业务面临市场严重饱和、竞争同质化白热化的局面。 中粮期货总经理吴浩军对上海证券报记者表示，当前期货行业存在较为严重的手续费恶性竞争问题。部 分公司在开发产业客户、零售客户和金融客户时，会给予低手续费甚至"零手续费"，以及高比例返还本 应促进期货发展的各项收益给客户。 吴浩军认为："部分期货公司以超低费率开发龙头产业、新品种产业，甚至是传统农业、有色及化工产 业客户，使得实体企业失去甄别能力，过度聚焦费率。结果就是，真正有能力、实力和经验的期货公司 无法走进和贴近产业，无法为客户提供高质量的研发和技术服务，导致客户在行情大幅波动时暴露在巨 大风险中，加剧 ...

Core Viewpoint - The China Futures Industry Association has released a draft regulation aimed at addressing the issue of "involution" in the futures brokerage business, promoting a transition from "extensive competition" to "high-quality development" and from "price wars" to "value creation" [1][2] Group 1: Industry Competition Issues - The brokerage business accounts for approximately 50% of the total revenue in the futures industry, but it faces severe saturation and intense homogenized competition [2] - There is a significant issue of malicious competition regarding fees, with some companies offering low or even zero fees to attract clients, which undermines the ability of capable firms to provide quality services [2][4] - The current competition has led to a situation where the industry risks being trapped in a low-price vortex, weakening investments in IT, personalized services, and talent [2][4] Group 2: Regulatory Framework - The draft regulation outlines eight prohibited behaviors in brokerage activities, including charging fees below the exchange's published standards and using deceptive advertising [3][4] - The regulation emphasizes four principles: problem-oriented, market-oriented, public fairness, and standardized management to ensure compliance and protect traders' rights [3][4] Group 3: Expected Industry Impact - The introduction of the regulation is expected to enhance the overall competitiveness of the futures market by reducing internal competition and reallocating resources more effectively [4][5] - The regulation aims to establish a transparent governance framework and create a fair competitive environment for compliant firms, potentially leading to a shift in focus towards core capabilities and comprehensive derivative services [5]

Core Viewpoint - The introduction of the new rules aims to regulate commission management and clarify prohibited behaviors in the futures brokerage industry, marking a significant step towards high-quality development and addressing the ongoing "price war" [1][2]. Group 1: Regulation and Compliance - The new rules specifically address the issue of homogeneous competition in the futures brokerage business, where some companies have resorted to "zero commission" and "high rebates," leading to a continuous decline in commission rates and severely eroded profit margins [2][3]. - The rules establish requirements for commission management, covering aspects such as system construction, scientific pricing, information disclosure, strict compliance, and commission follow-up [2][3]. - The new regulations prohibit seven types of unfair competition behaviors, including charging commissions below cost and misleading advertising, filling a regulatory gap and aiming to eliminate gray areas of competition [3][4]. Group 2: Industry Transformation - The new rules are expected to accelerate the transition of the futures industry from "extensive competition" to "high-quality development," shifting the focus from price wars to service wars [4][5]. - Companies relying on low-price strategies may face customer loss and revenue decline, prompting a restructuring of their profit models towards a comprehensive model of "base commission + value-added service fees" [4][5]. - The rules are anticipated to fundamentally improve the industry ecosystem, encouraging companies to focus on core capabilities and enhance their positioning as comprehensive derivative service providers [4][5]. Group 3: Future Outlook - The new regulations will promote innovation in the business models of futures companies, fostering a healthy segmentation between institutional, high-net-worth, and ordinary clients [5]. - The shift in regulatory focus towards "quality first" is expected to guide futures companies to invest resources in research, risk control, and technology, leading to differentiated competition [5].